8th Jan 2019 10:53
LONDON (Alliance News) - Infrastructure India PLC on Tuesday said it has agreed an extension to the maturity date of of its loans worth USD69.9 million.
The investment company currently has a USD48.4 million unsecured bridging loan facility provided by Cedar Valley Financial in June last year. It also has a USD21.5 million working capital loan provided by GGIC Ltd in April 2013.
GGIC - which is an affiliate of Cedar Valley - has a 75.4% interest in Infrastructure India.
The bridging loan currently carries an interest rate of 12.0% per annum and had been due for repayment by Monday. Infrastructure India and Cedar Valley have agreed to extend the maturity of this loan such that it will now mature on January 21.
The working capital loan currently carries an interest rate of 7.5% per annum and was also agreed to mature on January 21.
This is the fourth time Infrastructure India has extended the loan repayment date.
At the end of July, Infrastructure India had entered into conditional proposed financing agreements for up to USD125 million with port group PSA International and Gateway Partners.
This transaction includes the issue of convertible preference shares in Distribution Logistics Infrastructure India for a consideration of USD75 million and the sale of 24% of Distribution Logistics Infrastructure Ltd by Infrastructure India for USD50 million.
On Tuesday, the company said it is progressing towards completion of that transaction, with several conditions precedent to the closing having been met and the remainder, including governmental approvals, expected to be met in the coming weeks.
Looking forward, Infrastructure India said it remains in discussions with Cedar Valley Financial and GGIC in relation to the possible partial repayment of the loans following the completion of the PSA International financing, and with a view to further extending the maturity of both loans.
Infrastructure India shares were untraded on Tuesday, last closing at 2.25 pence each.
Related Shares:
IIP.L